Updates
The latest news and advocacy information for industrial bankers.
Special Edition: 2022 Midterm Election Recap
By now you’ve undoubtedly seen innumerable reports and hot takes on the 2022 midterm elections which many had expected would usher in a wave of new Republican legislators, especially in the US House of Representatives. The states of Florida and Texas got that red wave, but most of the rest of the country remains purple, with the occasional flash of bright blue or red.
Counting down to Election Day
Congress is still in recess, but we’re checking in quickly before our post-Election Day issue on November 10 (Thursday, since Friday is Veterans Day). Washington’s work continues even when the legislature is not in session . . .
FDIC Responds to Romney Cortez Masto Letter
Martin Greenberg, Acting Commissioner of the FDIC, response letter to a bipartisan group of senators inquiry about industrial loan company (ILC) charters and new applications for deposit insurance from de novo institutions.
Treasury seeks comment on federal cyber insurance
October is National Cybersecurity Awareness Month — not that every month shouldn’t be — and the Department of the Treasury is worried about the adequacy of cyber insurance.
Utah Banker’s Headlee on ILCs, Digital Currencies, and CUs Buying Banks
Howard Headlee, the president and CEO of the Utah Bankers Association, takes issue with some bankers’ concerns about industrial bank applications.
Shelter from the storm
Our hearts and minds are with our friends and colleagues in the path of Hurricane Ian. Those in Florida can find state resources here, and can apply for assistance from FEMA here.
Faster payments don’t require cryptocurrency, says Liang
Under Secretary of the Treasury for Domestic Finance Nellie Liang discussed the Biden Administration’s vision for how digital assets might fit into a faster, more efficient payments system at a Brookings Institution webinar yesterday.
When an irresistible force meets an immovable object . . .
you might wind up with the rings of Saturn, according to a modeling study published by MIT astronomers this week. Once upon a time, they posit, Saturn had another large moon — they’re calling it “Chrysalis” — that drifted too close to the planet.
Romney leads bipartisan push to give ILC applications a fair shake
A bipartisan group of senators is warning the Federal Deposit Insurance Corp. to give new industrial loan company charter applications due consideration, urging the regulator to "follow the laws that Congress carefully designed."
Bipartisan Letter Sent to FDIC
We write today to express support for the industrial loan company (ILC) charter and respectfully remind you to ensure the Federal Deposit Insurance Corporation (FDIC) continues to follow the laws that Congress carefully designed for the FDIC to consider new deposit insurance applicants, including ILCs.
Capital rules, merger analysis, stablecoins, and climate risk top Barr’s concerns
Michael S. Barr, Vice Chair of the Federal Reserve Board, gave his first major policy speech this week at the Brookings Institution and laid out his priorities for “making the financial system safer and fairer.”
House, Senate pass Inflation Reduction Act
We often say that Congress has two speeds: molasses-slow and lightning-fast. The Senate voted on Sunday along party lines, 51-50, to approve the Inflation Reduction Act, a reconciliation package that includes major changes to federal laws governing health care spending, energy security, climate change, and the taxation of corporations and the wealthiest Americans.
Senate prepares to vote on Inflation Reduction Act
It’s the first Friday in August, and the Senate is still in session. They will reconvene tomorrow to start voting on the Democrats’ reconciliation bill, also known as the Inflation Reduction Act. No Republicans are expected to vote for this bill, but Democrats are united after Senator Kyrsten Sinema (D-AZ) struck a deal with Senate Majority Leader Chuck Schumer (D-NY) to preserve the so-called carried interest loophole.
Buttigieg reports on infrastructure funding, promises implementation of “One Federal Decision” mandate
Secretary of Transportation Pete Buttigieg spent about six hours with the House Transportation & Infrastructure Committee on Tuesday, giving a progress report on implementation of the Infrastructure Investment and Jobs Act (IIJA, or the bipartisan infrastructure bill).
The truth is out there
As big as the universe is, wouldn’t the answers to everything have to be out there somewhere? We took breaks from this week’s overloaded legislative schedule to look at the first images from NASA’s James Webb Space Telescope.
House panels focus on the housing crisis
The House Financial Services Committee and its Subcommittee on Oversight & Investigations held two hearings this week to discuss the critical nationwide shortage of affordable housing.
Industrial Banks Respond to House Financial Services Committee Vote and Misrepresentation by Big Banks
The National Association of Industrial Bankers (NAIB) expresses gratitude to the members of the House Financial Services Committee (HFSC) who voted against H.R.5912 “Close the ILC Loophole Act” introduced by Representative Chuy Garcia (D-IL) in the June 23 markup hearing. NAIB is especially appreciative of the bipartisan support for the nations’ industrial banks.
Fed will focus on reining in inflation, Powell says
Appearing before the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services this week, Federal Reserve Board Chair Jerome Powell refused to be drawn into any discussions of fiscal policy, emphasizing the Fed’s focus on bringing inflation back to its target level of 2%.
House Energy & Commerce seeks feedback on data privacy compromise
Representatives of the tech industry, consumer groups, small businesses, and other stakeholders testified before the House Energy & Commerce Subcommittee on Consumer Protection and Commerce this week about draft legislation that would create a comprehensive data privacy framework to give consumers control of their personal data.
Lummis, Gillibrand offer bipartisan framework for crypto regulation
Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) introduced legislation this week that would create a comprehensive framework for registration, regulation, and supervision of digital assets. S. 4365, the Responsible Financial Innovation Act, would clarify the tax treatment of these assets.